brazil is the only country in south america that derives its language and culture from portugal During the Napoleonic Wars, King João VI, fearing the advancing French armies, fled Portugal in 1808 and set up his court in Rio de Janeiro. João was drawn home in 1820 by a revolution, leaving his son as regent. When Portugal tried to reimpose colonial rule, the prince declared Brazil's independence on Sept. 7, 1822, becoming Pedro I, emperor of Brazil. Harassed by his parliament, Pedro I abdicated in 1831 in favor of his five-year-old son, who became emperor in 1840 (Pedro II). The son was a popular monarch, but discontent built up, and in 1889, following a military revolt, he abdicated. Although a republic was proclaimed, Brazil was ruled by military dictatorships until a revolt permitted a gradual return to stability under civilian presidents. In Jan. 1999, the Asian economic crisis spread to Brazil. Rather than prop up the currency through financial markets, Brazil opted to let the currency float, which sent the real plummeting—at one time as much as 40%. Cardoso was highly praised by the international community for quickly turning around his country's economic crisis. Despite his efforts, however, the economy remained sluggish throughout 2001, and the country also faced an energy crisis. The IMF offered Brazil an additional aid package in Aug. 2001. And in Aug. 2002, to ensure that Brazil would not be dragged down by neighboring Argentina's catastrophic economic problems, the IMF agreed to lend Brazil a phenomenal $30 billion over fifteen months.
Loading...